Many experts will agree, it’s been a long time coming. The signs of a price correction have been showing up on the charts for more than a month. Not long after Donald Trump spoke out against cryptocurrency, various hacks and financial errors began to erode the steadily growing faith that was beginning to seep back into digital assets. A touch to the underside of $12k earlier in the year saw a rejection at a level considered critical to the advancement of bitcoin. At the time, that rejection seemed potentially damaging and certainly looks to have marked the peak of crypto’s endeavours for 2019.
Even while still holding above $11,000, the portents for a check back below $10,000 were clear in their meaning.
This battle commenced back in June when trading volume seemed to be surging. Since then, BTC has floated above and below $10k no fewer than a dozen times.
On this, however, the volume experienced three months ago has evaporated somewhat, and the pattern is undoubtedly one of decline as the convergence of highs and lows looks destined to converge somewhere around $9,300 before September ends.
As the clock struck midnight last night, BTC was still keeping its head admirably above the waterline.
But a plunge quickly dragged it under with a $400 stumble before sunrise and, listening to recent talk of market apathy, the naysayer’s may have called it.
Discussion threads have this week also been littered with talk of a new altcoin (alternative cryptocurrencies to bitcoin) season.
Several cryptocurrencies have seen price rises and increased trading volume.
However, the fortunes of many altcoins seem irretrievably welded to the fate of bitcoin, as is being displayed in today’s charts where Ethereum (ETH) and Bitcoin Cash (BCH) are experiencing a similar decline to the market leader.
Litecoin (LTC), Ripple (XRP) and Cardano (CRD) are the ones bucking the trend which may yet offer the distant rumble of proof that BTC is taking a backseat while the understudies take to the main stage.
• Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.